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…Almost half of British workers under the age of 45 are being let go and forced to re-learn a new skill as workplaces look to further cut costs, a new report has found.
The study, the fifth in a series of regular surveys carried out by the Chartered Management Institute, suggests that the future employment prospects of many individuals is being put at risk and places the blame squarely on the economy.
It found that 42 per cent of employers had axed workers in the past year and 46 per cent said they planned to cut staff levels in the coming 12 months.
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The survey also found that almost a third of firms were still employing people despite having advertised job vacancies, while a quarter were re-training existing staff and almost a quarter were offering new staff training.
The latest survey of UK employers found unemployment was falling at a slower rate than expected, with 34 per cent of firms announcing an increase in staff levels, 29 per cent not significantly increasing their workforce and 37 per cent reporting a fall.
The British Chambers of Commerce said the figures demonstrated the need for further action to be taken to support the workforce.
John Longworth, the organisation’s director general, said: “These figures confirm that employers are facing a tightening labour market and that wage growth remains subdued.
“These issues together mean that putting in place the right structures to help businesses build a successful and resilient workforce is becoming increasingly important,” said Mr Longworth.
David Kern, the Chief Executive of the Chartered Management Institute, which commissioned the report, said: “British employers are experiencing a massive talent management challenge, which has been amplified by a shortage of trained people.
“Employers must look for ways to retrain staff and offer new opportunities to people who have left the workforce to return.”
The survey, which will be used as the basis for the CMI’s new careers strategy, suggests that the problem of available qualified workers is growing and said that the issue of how to place those individuals into business need has worsened in recent years.
The report found that more than a third of the finance and private sector employers had been unable to place
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